Egypt’s fuel subsidies drop 2% YoY in FY2022/23

Egypt’s Petroleum subsidies fell by two percent year on year (YoY) to reach 58 billion Egyptian pounds during the past fiscal year (FY) 2022/2023, According to government sources on Tuesday.

The fuel subsidies did climb, however, by around 107 percent over the budget target of 28 billion pounds.

The subsidies account to almost 66 billion pounds during the first half (H1) of FY 2022/2023.

The values rose further to reach 78 billion pounds in the first nine months of the same year.

In May, Egypt’s Fuel Pricing Committee rose diesel fuel prices by one pound to 8.25 pounds per liter and fuel prices remained unchanged.